Steve, I agree on the DoF. This is basically a single chip EX1 that can shoot in 4K - and for a cheaper price. What's not to love?
The thought of holding a camera in my hands that can shoot 4K video, for less than $5,000, is simply mind-boggling. I was expecting it to be in the $6-8,000 price range.

This is great news.I just hope this means that JVC will be coming out with a shoulder mount version, and if it is $10,000.00 or less with 1/2" chips I would take two right away and a third by the end of the year.I pushed back my camera upgrade until this year and It looks like I maybe glad I waited

I disagree with that. I think JVC will always have a flagship camera for studios and news crews. this is what the HD250 was and what the HM790 is. these are the type of camera's that I would be interested in, where I use in the studio and in the field.
I can't imagine that JVC would increase the quality in it's prosumer cameras and not increase the quality in it's professional cameras.It has to many TV stations and small production houses that use their equipment to not address that market. If I am wrong there is always Sony or Panasonic. I hope not I have use JVC cameras sense KY29 days

4K resolution for 5K US... that's close enough to being what I was hoping for with the Red Scarlet. It's a shame it "only" does 60p at 4K, as I'd love to have the proposed Red's 120fps, but 50/60p means smooth half speed replays, and that quarter speed replays still look ok. Looks like JVC have managed to make what could be the camera to replace my HM700.

OT Puzzle: where in the world is Steve reading the "First Impressions" story and wondering about the needed utility?

I'm hoping that since JVC released ProHD utilities for the Mac and PC they will simply modify them to bring data, via USB, from 4 cards in the camcorder into one's computer. Although there is a spec for 4K2K H.264 (Level 5.1 and 5.2) they only reach 30p.

I'm assuming there will be a utility supports transcoding to ProRes on the Mac.